Tags: 2020 Elections | Donald Trump | IRS | debt | taxes | the new york times | forbes

Yes, Trump's Still a Billionaire; So What's Behind This Tax Story?

president donald trump throws both palms up in objection during his republican national convention speech
President Donald Trump (Brendan Smialowski/Dreamstime)

By    |   Monday, 28 September 2020 09:16 PM

Lost in the reports of President Donald Trump's debt by The New York Times is the mere fact he remains a multibillionaire.

He is worth $2.5 billion – $3.66 billion in business assets and holdings minus roughly $1.13 billion in debt – according to analysis by Forbes magazine's Dana Alexander on Monday.

"Add up all of Donald Trump’s assets — the ones that throw off big cash, the ones that lose serious money and the ones that don't really operate as businesses — and the total hits that $3.7 billion figure," Alexander wrote. "Real assets worth real money. But that's not Trump’s net worth. In order to figure that out, you have to consider liabilities.

"No doubt, his estimated $1.1 billion in debt is a tremendous amount of leverage," he added. "But considering Trump's $3.7 billion in assets, most of his bankers should still be able to sleep at night."

The issue of his tax returns and payments came up in the 2016 presidential debates, when Trump shot back at Hillary Clinton taking advantage of tax loopholes set up by past presidential administrations, including former President Barack Obama, "makes me smart."

"There's the tax world, and then there's the real world," New York City commercial real estate broker Eric Anton told Forbes. "They're totally different."

Democrats will have a hard time with the narrative Trump is broke, more than his financial advisers use tax law to his advantage, per the Forbes report.

Trump tweeted a fresh explanation of his debt and assets Monday:

"The Fake News Media, just like Election time 2016, is bringing up my Taxes & all sorts of other nonsense with illegally obtained information & only bad intent. I paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits.....

".....Also, if you look at the extraordinary assets owned by me, which the Fake News hasn’t, I am extremely under leveraged - I have very little debt compared to the value of assets. Much of this information is already on file, but I have long said that I may release....

".....Financial Statements, from the time I announced I was going to run for President, showing all properties, assets and debts. It is a very IMPRESSIVE Statement, and also shows that I am the only President on record to give up my yearly $400,000 plus Presidential Salary!"

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Lost in the reports of President Donald Trump's debt by The New York Times is the mere fact he remains a multibillionaire.
debt, taxes, the new york times, forbes, net worth, assets
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2020-16-28
Monday, 28 September 2020 09:16 PM
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